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GoGold Resources Inc. reports news on its silver and gold operations and project development in Mexico. The Canadian-based producer operates the Parral tailings mine in Chihuahua and holds the Los Ricos South and Los Ricos North exploration and development projects in Jalisco.
Recurring updates cover Parral production in silver equivalent ounces, sales of silver, gold, copper and zinc, revenue and operating cash flow, Los Ricos South development work, technical disclosures under NI 43-101, annual meeting results, and investor conference participation.
GoGold Resources is pleased to announce the acquisition of the Eagle concession, extending the Main Deposit at Los Ricos South. This 1,107-hectare property features significant high-grade silver intercepts, including a notable 2,260 g/t AgEq over 11.9m. The drilling results align with geophysical targets, enhancing the economic potential of the Los Ricos South project. The acquisition costs $2.1 million over four years and connects all concessions for improved efficiency. These developments are expected to bolster resource estimates and overall project value.
GoGold Resources Inc. reported a production of 1,810,326 silver equivalent ounces for the fiscal year ending September 30, 2022, including 741,772 silver ounces, 10,708 gold ounces, and 469 tonnes of copper. The company also recovered $11M USD related to VAT from the Mexican government. Despite facing production challenges due to severe rainfall affecting their Parral operation, GoGold maintains a robust balance sheet and looks forward to sustainable production for seven more years.
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GoGold Resources Inc. announced significant drill results from the El Nayar and Gran Cabrera areas within the Los Ricos North property. Notably, El Nayar yielded an impressive 2,192 g/t AgEq over 1.3m, while Gran Cabrera reported 905 g/t AgEq over 1.6m. These results from 6 and 15 drill holes respectively signify potential for future resource development. The company has shifted drilling efforts to Los Ricos South, anticipating growth opportunities. Despite encountering historical mining voids, the exploration program aims to identify high-grade areas yet to be mined.
GoGold Resources announced promising drill results from the El Favor East deposit in the Los Ricos North property. Highlights include Hole LRGF-22-136, which intersected 1.1m of 1,625 g/t silver equivalent (AgEq) within 47.6m of 147 g/t AgEq, and Hole LRGF-22-124, yielding 0.9m of 1,835 g/t AgEq within 22.0m of 134 g/t AgEq. These results indicate strong mineralization and potential for both open pit and underground mining. The exploration team has extended mineralization by 900m, showcasing the significant bulk tonnage and high-grade portions of this zone.
GoGold Resources (OTCQX: GLGDF) reported its Q3 2022 financial results, with revenues of $10.4 million from the sale of 512,670 silver equivalent ounces. The realized price per ounce stood at $20.26. Despite lower silver prices, Parral generated $3.7 million in free cash flow. Total cash at quarter end was $73.8 million. The company's focus remains on advancing the Los Ricos project with ongoing drilling and engineering studies. However, production was down 15% from the previous quarter due to a transition in operational zones.
GoGold Resources reported production for the quarter ending June 30, 2022, totaling 509,796 silver equivalent ounces. This comprised 213,495 silver ounces, 3,081 gold ounces, and 98 tonnes of copper. The CEO noted that production levels are stabilizing, contributing positively to cash flow and supporting general administrative costs as well as exploration expenditures at Los Ricos. The company's ongoing focus is on operating and expanding its existing projects in Mexico.
GoGold Resources (GLGDF) announced promising drill results from 6 holes at the El Favor East deposit in the Los Ricos North property. Notably, hole LRGF-22-118 revealed 2.0m of 1,124 g/t silver equivalent (AgEq) within a broader intersection of 18.8m at 203 g/t AgEq. This indicates the potential for significant mineralization as drilling shows a 900m extension of mineralization in the eastern area. The company is focusing on further exploration, expecting updates on their ongoing Gran Cabrera program and land consolidation efforts soon.
GoGold Resources Inc. (TSX: GGD, OTCQX: GLGDF) announced positive metallurgical testing results for its Los Ricos South deposit. The successful completion of the Pre-Feasibility Study (PFS) optimization at SGS Laboratories indicates high gold and silver recoveries of 92-97% and 82-88%, respectively. The PFS activities are progressing, focusing on process design and major equipment sizing. With resource expansion efforts, the company has increased its mineral concessions from 29 to 44. The ongoing testing aims to enhance cost efficiency through the SART technology for cyanide recovery.
GoGold Resources announced second fiscal quarter results for 2022, reporting $10.3 million in revenue from 443,942 silver equivalent ounces sold at a realized price of $23.28 per ounce. The company generated $4.4 million in free cash before working capital changes. Total cash reserves stood at $83.3 million. Production decreased due to transitioning tailings zones, impacting leaching efficiency. Cash investment in heap inventory was $3.1 million, expected to benefit future production. The company drilled 21,052 metres during the quarter, as part of its ongoing exploration activities.